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Nelco rises on expecting to roll out in-flight data connectivity services by January

Nelco is currently trading at Rs. 231.25, up by 2.70 points or 1.18% from its previous closing of Rs. 228.55 on the BSE.

The scrip opened at Rs. 229.00 and has touched a high and low of Rs. 235.50 and Rs. 226.00 respectively. So far 3864 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 341.90 on 05-Apr-2019 and a 52 week low of Rs. 205.15 on 23-Aug-2019.

Last one week high and low of the scrip stood at Rs. 236.00 and Rs. 226.50 respectively. The current market cap of the company is Rs. 529.73 crore.

The promoters holding in the company stood at 50.09%, while Institutions and Non-Institutions held 6.37% and 43.54% respectively.

Nelco is expecting to roll out in-flight data connectivity services by January 2020. The company had earlier this year obtained a licence from the Department of Telecommunications for providing in-flight and maritime connectivity (IFMC) services.

Nelco was established in 1940 and is a part of the leading business house – the Tata group. The company is focused on system integration and product management for industrial controls, power, electronics, defence electronics, VSAT networks and automation.

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